Chrysler Ownership/bankruptcy

Chrysler filed Chapter 11 bankruptcy and now the fun begins. Why it took so long for us to get to this point is beyond me. I mean really, who in their right mind thought Chrysler could avoid bankruptcy?

So, the details are a little fuzzy to me but this is what I think is happening. There is going to be a cooperative ownership between Fiat (an Italian company), the US government, and the Canadian government. I'm in the process of looking into whether this is unprecedented or not and will update later.

All very interesting stuff.